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November 21, 2012


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Andrew Muir

Interesting data... what do we think it tells us?

Certainly, the trend since 2008 is for HF trades to move away from the mainstream exchanges. But since 2011, volume has been, if anything, gradually moving back the other way. Why? Any ideas?

At first glance, the story since 2008 for the mainline exchanges looks pretty grim - but then, they don't actually charge ad valorem for their services... their business model is more sensitive to the number of sides; actually, right now - a rather better and more sustainable model than the one I am sure they'd have preferred pre-2008. I'd like to see venue cost-per-execution plotted against these numbers, as a yardstick of how much value this competitive environment is delivering to us.

It's too early to say this heralds a renaissance for big, safe, known-quantity infrastructures with solid (if occasionally unexciting) and transparent business models - but I'm watching this space. Hopefully.

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